TD Ameritrade has established itself as one of the world’s leading online stockbrokers by offering low fees and zero commissions on a wide range of instruments. It benefits from a high-quality trading platform, thinkorswim, and it is renowned for strong customer service, a slick mobile app and excellent research tools. TD Ameritrade was founded in 1978. It is headquartered in Nebraska and regulated by the Securities and Exchange Commission and other top-tier regulators. In November 2019, Charles Schwab & Co. announced a $26 billion merger with TD Ameritrade, but analysts believe it will take several years for the takeover to be completed.
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TD Ameritrade deals with a high volume of trades on a daily basis, but the platform is fast, effective and free of glitches. The design is clean, restrained and user-friendly, but packed full of rich research tools, educational materials and analytical widgets. One drawback is the inability to customise the site, but overall we found the desktop platform to boast strong usability when compiling our TD Ameritrade review. The mobile app has much of the trading functionality that you will find on the desktop site, and this modified version of the thinkorswim platform also includes Level II quotes. It ranks among the best trading apps in the business.
TD Ameritrade customers were hit with a security breach back in 2007. However, it swiftly bolstered its security provisions and our TD Ameritrade review found the current measures to be strong. It uses the latest SSL encryption software, and the SSL algorithm is strong. Overall, it is now a safe and secure site and you can trade without fearing for your personal and financial details. However, some customers have reported glitches, lag times and technical issues with the trading platform.
|Company||TD Ameritrade, Inc.|
|Headquarter||200 South 108th Avenue Omaha, NE 68154, United States.|
|Year of Founding||2006|
|Customer Support||Live Chat, Email Support|
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An electronic bank deposit is the most common way to fund a TD Ameritrade account. The deposit limits are $50 to $250,000 and the standard completion time is five minutes. You can alternatively opt for a wire transfer. This takes one business day to complete, and there are no deposit limits. You can also choose to mail in a check, transfer an account from another firm or deposit physical stock certificates. You can call 800-454-9272 and the customer service team will walk you through the process. We tested it for this TD Ameritrade review and found the staff to be polite and efficient, which is not always the case when we conduct reviews of crypto trading exchanges.
Ease of withdrawals is another key component for anyone reading a TD Ameritrade review. To make a withdrawal, visit “My Account”, choose a withdrawal and opt for “To bank connection”. Enter the amount you wish to withdraw, set the frequency and the date and then click to make the withdrawal. We tested it for this TD Ameritrade review and it took two business days. This TD Ameritrade review must also highlight that it is not possible to make deposits or withdrawals using a debit card, credit card or e-wallet such as PayPal, Skrill or Neteller. If you like to use those banking methods, you should look for alternative trading platforms and crypto trading brokers.
TD Ameritrade excels when it comes to customer service. It goes the extra mile to provide strong customer support. The team is available on a 24/7 basis, and you can choose from live chat, telephone and email support. This service is available in English, Spanish and Chinese. Many customer support teams are only available during the week or during working hours, but we tested the service at various times of day for this TD Ameritrade review, so we can confirm that it is available 24/7.
We tested the various customer support channels for our TD Ameritrade review and we can confirm that it is a well-oiled machine. Staff provided quick, polite, helpful information. Live chat works especially well, while we managed to speak to a phone support representative within a couple of minutes, and our email was answered in less than a day. Overall, we were very impressed with the level of professionalism on display, and 24/7 support is a major bonus.
The next part of this TD Ameritrade review delves into a crucial consideration for any online broker: licensing, regulation and security. TD Ameritrade has a banking licence, it is listed on a major stock exchange, it provides regular financial updates and a top-tier regulator keeps it in check, so customers should feel confident when using the service. The Financial Industry Regulatory Authority regulates TD Ameritrade, while client accounts are FDIC protected and TD Ameritrade also uses London insures for excess SIPC coverage.
TD Ameritrade has built up a solid reputation as a reliable and trustworthy trading platform over the past five decades. It is renowned for offering one of the most polished trading platforms in the world, replete with low trading fees and a wide range of tradable instruments. Our TD Ameritrade review cannot fault the level of customer service on offer, and it has retained millions of happy customers over the years.
We also delved into a number of consumer feedback sites while putting our TD Ameritrade review together. We found low customer satisfaction ratings at some sites, with some users complaining about payout times, login issues, being put on hold while requesting customer support, lags and technical problems, but it must be stressed that the number of complaints is very small in the context of the firm’s enormous customer base.
TD Ameritrade is an excellent choice for novice traders and experienced investors alike. It offers a high-quality desktop and mobile platform, brimming with useful analytical tools, articles and videos. Its fees are relatively low on forex and other categories, and it introduced commission-free trading on stock and EFTs at the end of 2019.
The overall user experience is excellent, but there are some drawbacks. You cannot use debit or credit cards to fund your account, you can only trade products from US markets, opening an account is a slow process, and broker-assisted trading fees are high, while some users have experienced slow response times when voicing complaints, but in general this is a very strong online broker.
Trading financial products carries a high risk to your capital, especially trading leverage products such as CFDs. CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. Between 74-89% of retail investor accounts lose money when trading CFDs. You should consider whether you understand how CFDs work and whether you can afford to take the high risk of losing your money.
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